'Employee-like benefits for the self-employed' with Benjemen Elengovan

Can gig workers marry the flexibility of gig economy and employee-liek benefits?

Companies like Zomatos and Ubers have given rise to gig economy. Gig workers have lot of flexibility - they can choose type of work and hours of work. But they lack benefits that full-time employees get. Can we marry flexibility with benefits? My guest today asks, why not?

What you’ll hear

  • Introduction
  • What problem Benji is solving
  • Identifying the problem
  • Journey so far
  • Benefits for self-employed
  • How self-employed can sign-up
  • Response of the community
  • Challenges
  • Expanding across different geographies
  • Future of work
  • Kindest thing anyone has done
  • Best leadership quality
  • Definition of living a good life

Main Points

Here are the main points discussed in the episode:

1: Introduction to the Gig Economy and the Need for Flexibility with Benefits

  • Gig workers have flexibility in choosing the type and hours of work, but lack the benefits of full-time employees.
  • The concept of work has significantly changed post-COVID, leading to the rise of gig workers.
  • The unique problem addressed is helping self-employed people create employee-like benefits.

2: Identifying the Problem

  • The problem was discovered through personal experience as an international student in Australia, working various odd jobs and in the gig economy.
  • The impact of the gig economy on financial security and understanding income and expenses was realized.
  • The rise of gig economy during COVID highlighted the need to solve the problem of financial security for gig workers.

3: Journey and Launching the FinTech Product

  • The journey started with participating in a government challenge on improving the safety of gig workers.
  • Through research and conversations with over 10,000 gig workers, the focus shifted to addressing the financial security of gig workers.
  • MyGeeksters was initially established as a community and later developed into a fintech startup, catering to various types of gig workers.

4: Benefits for Self-Employed Workers

  • The platform encourages self-employed workers to create their own desired benefits and structure their lifestyle.
  • Examples of benefits include creating leave, rainy day funds, saving for taxes, and contributing to retirement plans.
  • The aim is to provide employee-like benefits to self-employed workers and help them feel more secure and stable.

5: Challenges and Future Plans

  • The challenges include defining and regulating the gig economy globally and balancing the needs of gig workers with different levels of bargaining power.
  • The regulatory compliance and licensing requirements for building a fintech product pose additional challenges.
  • The future plans involve expanding partnerships with existing platforms and exploring the hybrid approach of traditional finance and decentralized finance.

Edited Transcript

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